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20131202
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CNBC
Dec 9, 2013 6:00am EST
is trying to make a big stink about this suggesting that they wouldn't, for example, allow tax cuts or other types of things for certain companies and not others, right? this is whether we should have tax cuts. >> this happens all the time. totally incestuous between public and private constantly. look at places like illinois now where any company that stays is getting some kind of a deal except probably the small ones. >> except the small ones. any company of any size is getting a deal. >> maybe the rolls should be across the board nothing? >> no. >> a friend of mine, joannea kagan. >> didn't bob kraft do it in foxborough? >> i don't know enough. >>> let's talk about the next story. if you work on wall street and are considering growing a beard, an article in "the new york times" says that while beards are in fashion right now, that is not the case in the finance industry. i guess it's okay in fashion, it's okay in design. a lot of different areas if you're a helpster but in the fashion world, gentleman, the argument goes it looks like you have something to hide. >> you could have
CNBC
Dec 3, 2013 7:00pm EST
to tax credits how do you do that to make sure people aren't submitting fraud. do you have an ain't fraud system, what the inspector general said today they think maybe the system is going need some work and beef up security in order to prevent massive fraud here. whenever money is going out from the federal government in big numbers, they found this out in medicare as well, you have to be very careful about fraud because a lot of people will take advantage. >> eamon javers, thank you very much. now, even while the obama care failures and embarrassments continue to pile up, when will the administration finally admit that it's time to hit the pause problem until all the problems are fixed or maybe the pause button is not set to work until november 2014. that may be closer to truth. here former obama campaign aide, he was briefed by the obama white house on the health care and grace marie turner, she will be testifying tomorrow on obama health care. what's the thrust of your testimony going to be tomorrow? >> the president has said that oh, we don't need to worry about those 5% of ame
CNBC
Dec 5, 2013 4:00am EST
another massive package including more than $50 billion in spending to help offset sales tax hike. >>> mario draghi should be holding fire, despite the recent drop in inflation. investors eyeing the ecb's economic staff projections. >>> and i told you so. british chancellor george osborne may have reason to gloat. >>> and china's financial institutions are warning against trading bitcoins as the bank admits while there are risks, it could still use the currency. >> announcer: you're watching "worldwide exchange," bringing you business news from around the globe. hello. a warm welcome to the program. the government has just unveiled an $18.6 trillion yen stimulus package which includes 5.5 trillion yen in fresh spending measures. this is to offset the accuracy in the sales tax which is coming in in april which raises the rate effectively from 8% to 5%. it follows the unveiling of a 10.3 trillion package back in january. a number of measures will be expected as far as this package is concerned. particularly for those on the lower income as well. we will get those measures as soon as
CNBC
Dec 2, 2013 7:00pm EST
formula -- >> tax free, save it up all those years, the inside build-up. this is what harold ford wanted when he was running for the senate and he was a democrat in the house. he was a smart moderate democrat. that's exactly what he wanted. >> because what you have is basically these terrible conflicts that you get when people basically make poor health care choices and want somebody else to bail them out. and when they own the plan, they begin to make healthy health care choices. you have to get rid of the moral hazards that we have all over the government, both in the way insurance is written today and the way it should be written. so that people have individual skin in the game and they can take these accounts and go anywhere with them. >> anywhere they want. >> isn't that more moral? half the people who are going to qualify are going into mistake. a terrible system. fairer system, everyone getting an h.s.a. better access than medicaid -- >> the mandate is you have to have an hsa. i'm okay with that. but nop mandates for the plan. in other words, have 100 plans. just have 100 p
CNBC
Dec 9, 2013 7:00pm EST
also hear from my source -- this is important, too. that tax reform is actually still more on the hot front burner than i thought. this source tells me dave camp coming out of ways and means, max baucus coming out of the senate finance committee are still bound and determined to come up with a pro-growth tax reform that would broaden the base and lower the tax rates. i can think of nothing that would help the economy more. what do you think about this? >> nothing in this near-term deal. there is an appetite for what you described particularly on the business side of the equation on corporate taxes. the white house has a plan to do precisely what you described, maybe not get the rate down the way you'd like it but they do have a plan. here's something i'd like to ask the representative about. i understand that you want to -- that there are republicans up there who want to keep the appropriations levels to where they are already. they're not that interested in this new deal. and i heard you criticizing the sequester in terms of the economic impacts. but my question is, it seems to me --
CNBC
Dec 5, 2013 6:00pm EST
. >> check with your tax accountant. some stocks cannot really go in because of a business tax. you want to be sure. you've got to talk with your accountant about these. the stock had a not great quarter and it's been knocked down. and the master limited partnerships have been coming down. but i believe in rich kinder. rich kinder is not dick heckman. he had a terrific company around, this one's not it. rich kinder made a lot of people a lot of money. i'm not going to abandon that company. but i do honestly right now like linn energy right now. higher reats don't have to be the end of the world, conn's might be a microcosm. wouldn't you like to have a stock that goes up gigantically? or would you say i don't want that gain because rates are going higher? stay with cramer. >>> coming up -- nice view? hilton's more than $2 billion ipo is about to hit the street. are there better accommodations for your cash? or should you try and book a room in this newly minted spot? ♪ [ male announcer ] this december, experience the gift of exacting precision and some of the best offers of the year [ ding
CNBC
Dec 10, 2013 6:00am EST
going to double the tax on airplane tickets. >> but they call it fees instead of taxes so they think they can swing it by. >> i heard you yesterday, you're very cheap. and your first concern about usair .american, you're sure they're going to raise it? >> i'm sure. >> they're the same prices now as when i was a teenager, basically. to go to california, it's like $400 round trip. that's whan the 70s, andrew. >> if you look at the fees on airline tickets, it's astronomical. >> but it only ads up to $400 to go to l.a. and back. >> if you want to -- oh, you mean the -- >> no, i mean the fees themselves. >> from new york to san francisco has not gone up materially. i agree with you. but if you look across the country, they have outpaced inflation by -- >> not over the past 25 years? >> no, but over the past five or ten years, yes. >> the biggest issue with conis on sole addition, you can't get direct flights to a lot of smaller markets. >>> in our d.c. news, lawmakers are proposing a compromised defense bill that would reduce spending on missile defense by $358 million to $9.5 billion. it
CNBC
Dec 10, 2013 6:00pm EST
. that's why new york has a new plan -- dozens of tax free zones all across the state. move here, expand here, or start a new business here and pay no taxes for ten years... we're new york. if there's something that creates more jobs, and grows more businesses... we're open to it. start a tax-free business at startup-ny.com. we're open to it. in a we believe outshining the competition tomorrow requires challenging your business inside and out today. at cognizant, we help forward-looking companies run better and run different - to give your customers every reason to keep looking for you. so if you're ready to see opportunities and see them through, we say: let's get to work. because the future belongs to those who challenge the present. but it doesn't usually work that way with health care. with unitedhealthcare, i get information on quality rated doctors, treatment options and cost estimates, so we can make better health decisions. that's health in numbers. unitedhealthcare. you can fill that box and pay one flat rate. i didn't know the coal thing was real. it's very real... david rivera
CNBC
Dec 6, 2013 6:00am EST
, nothing with tax reform, nothing with -- just paying for some, you know, trying to lessi inen the effect sequestration. >> look at the different points on the board. at this point in the game, we'll take that, right? >> and then the other thing that i just wanted to mention in following up on our conversations is what's going on in china? my man. my man. for the democratic party, i'm with biden. did you see, they send him over to china, boom, done. send my man joe over there who is like yeah, yeah, pats a couple can people on the back, tells a couple of jokes, takes back a couple of things he said and everybody is friends. he does it here, too, but it's already fixed over there. >> we have joe on here. >> carries out the plan and -- blow hardy. you send joe over, boom, done, fixed. thanks, joe, .and then they go out to a club probably. i don't know. anyway, back to wall street's top stories this morning, the november november jobs report current nonfarm payroll, it's 180. do you know the number? you know the number? no, you don't know the number a lot. >> i don't know what you want me to
CNBC
Dec 10, 2013 5:00pm EST
are facing a tax bill in india. people are saying they could be $3.5 billion. it's the cost of doing business in india. if you look at what they have done, and focusing on their core, this company will be profitable again and i think you can own it again. >> pop here for cbs. >> even though cvs was already the biggest, size does matter. they love this deal. these guys have been doing everything right for a few years. >> pop here for facebook. >> i was really surprised it reached the $48 level. you have an instagram event. i think the stock wants to trade up to levels it saw before. >> and we have a pop for cabbies. a pair of photographerers are being hailed for creating a pin-up calendar of new york city drivers. proceeds will benefit a charity on the lower east side. >> this is going to be bad. that last guy lying down without a shirt on? mark cubanish about it. he looked just like him. just saying. back to our cnbc exclusive now. the play book for 2014. he's a hedge fund manager. david, good to have you back. what's the biggest risk to the rally? >> when the fed starts pulling back
CNBC
Dec 5, 2013 5:00pm EST
a broad review. when it comes to the tax credit of taxpayers out there, when a tax credit gets invested into the solar system it actually gets a return. there is actually a benefit. >> okay. and of course, you know, if the extrapolation of this analogy has gone bankrupt and you say that's absolutely off the table. if the subsidies were removed, what would happen to your company? >> if they were removed today, we would struggle. we do need it today to get to scale. but that is not actually a fair question. if you were to do that you would have to take subsidies away to different tax advantages that the fossil fuel industry has. if you were to take away those benefits for them, the cost of electricity would go up dramatically. >> you're saying that it's a risk that not just your company faces but every company? it is the same risk across the board? >> well, today, energy is subsidized. as time goes on, what we do know is our cost is coming down and the cost of fossil fuels continues to go up. the penetration of solar is only less than 1%. think of how much cost reduction will occ
CNBC
Dec 3, 2013 9:00am EST
have that big tax loss fear. a lot of people saying i can find inexpensive tech, i don't need to go into the cloud. although apple is saying this is about ibm being wrong and apple being right. >> there has been an expectation of a china mobile deal. >> yes. >> unbeknownst to most people who hold the stock. that being said, 740 million china mobile subscribers, there is a fairly large audience they could conceivably be addressing to try to buy smartphones. >> do you remember the conference call that was the open rebellion against tim cook? it was withone of these things e i thought it was 1948 where stillwell had just lost china and now he's making a move. he did not lose china. >> we'll see. that fortune story has a lot of people talking about whether china mobile makes a big move in this direction, having not carried their phones till now. >> maybe samsung -- don't hear a lot about samsung having a revolutionary new phone. >> no, although they've got a lot of new patents, they're going to do the curve thing or fold thing. >> maybe they have one you can leave in the washing machine
CNBC
Dec 4, 2013 6:00am EST
people would definitely leave. >> they have to cut some deals. sears was a big -- >> right. but the tax revenues, whatever you get there, you're probably losing it as people leave unless you do something this. don't get me started. >> well, the governor said even though the senate passed it, the house -- >> they didn't have an auto industry or a bailout in illinois. that's purely just mismanagement of the whole pension situation. >> but it's failing to put the money in they've promised he year. there's a lot of states that promise these things and -- is. >> the whole detroit thing we'll talk about. it's a tough one because on the nightly news you'll see every retiree. they'll say, if a dollar is cut out of my pension -- >> and by the way, tier not making massive pensions. >> i know that. but right now, there's no city services. >> and detroit is a unique situation because you have seen a loss of the people living there. you can no longer support the infrastructure that was there for 1.5 million people when you see the numbers decline. >> and the journal has a piece and it sounds cold an
CNBC
Dec 2, 2013 4:00am EST
raise taxes in order to cut the $11 billion deficit. raising taxes is not something that's designed to make you very popular as well as cutting government spending. i spoke with the finance minister and he's pretty b buoyant. the public outcry on that, people are pretty pleased. i did ask him, is this just kicking the can down the road. take a listen. >> we have to reduce government expenses in a way that will not hurt all the services we want to give to the government. the fight for efficiency in all the governments around the world is a hard fight. we know now things we didn't know before about how to do it because we've been doing it for quite a while. this is why things are better now. i think we're going to have a new fiscal rule which will allow us to reduce government expenses in a way that will allow us not to raise taxes. >>ing where do you see that in order not to raise taxes in 2014, 2015. >> i can tell you we're not going to hurt the budgets of education because we are an education modulated government and of course health and welfare. these are the budgets that we are goin
CNBC
Dec 4, 2013 1:00pm EST
today. the president's plan to fix the wealth gap. taxes, higher minimum wage, all on the table and some remarks he has been giving. stallering facts on the income of lower level bank employees. guess who's paying them? you the taxpayers are to a surprising degree. we'll explain that. to sue in the house today. >> i am, ty. thanks. three key pieces of data out leaving about everybody scratching their heads. first up, the adp jobs report showing a gain of 215,000 private sector jobs. then october's new home sales, booming up 25.4%. but ism nonmanufacturing fell to 53.9 from 55.4 a month ago. here's one of the more worrisome factors for the market right now. take a look at the yield on the ten-year note, 2.84%. that has put some pressure at various times in the trading day on the dow jones industrial average. let's take a look at where it's sitting right now. the dow down about 37 points on the trading session. the s&p 500 is down almost 5 and the nasdaq composite is down a little better than 5. all three, though, are up more than 20% year to date. let's get to bob pisani at the nyse.
CNBC
Dec 2, 2013 6:00pm EST
wants to let it go, pay the taxes? why would you? you would have a humongous tax bill brought on by yourself, and so far not many losses do. if you're an institution, you want to show your clients that you own it. that makes the stock blessed. third, unlike most of the bricks and mortar outfits out there, amazon does have a real mystery. the possibly of a lights out quarter could be in the cards. walmart and target keep going down. finally, when it comes to the worth of amazon, there is a simple answer you can get. it's worth what people will pay for it. the answer is they'll pay $400, or $178 billion for the stock where it was trading this morning before the pullback. that's when the discipline comes in. as i've been saying for a while now, you have to recognize that the idea of a bubble in stocks has kept you out of so many winners that it's just unforgivable. if you're a performance manager. look, i can't blame anyone for wanting to sell amazon, or so many other stocks for that matter based on valuation. i know it's way too expensive for my charitable trust. we're not going to do
CNBC
Dec 5, 2013 1:00pm EST
that was far bigger than their tax revenues would ever be able to support. their original dream, they were going to be able to grow into that spending. they didn't. so they had to cut spending. were there incredible costs? absolutely. gdp sunk dramatically. terrible youth unemployment. but those things were going to happen anyways because the governments had been borrowing. and delivering to people a standard of living that their productivity level was never going to be able to support. so decision day was going to come at some point. that's what it's led to when you see the garbage piled up in greece and spain because people go on strike because they're mad about the budget cuts. but where's the money going to come from? >> absolutely. well, the money would come from more borrowing. >> right. >> but, you know, i still question whether or not they're going to be able to do that next year. what are you hearing? >> i think ireland is a slam dunk. i think they'll be aible to do it. portugal is still questionable. greece, it's going to be up to whether or not their european partners
CNBC
Dec 10, 2013 12:00pm EST
to be right there on gold and the miners. how will you trade it? >> i think some tax loss selling could carry this one lower for the next week to ten day, so i'm a little bit against jim there, even though i think he's spot son longer term. i like the idea of what killberg is saying, we go back and test 1,305, but, judge, i have to think we test the june lows particularly on tax selling here. >> understood. well, doc, not so fast. we're coming right back at you, because we know you're quick, but you're not always right. >> not always right. >> you made a bullish call on zillow. let's listen to that. >> okay. i think it could go a little bit lower, but overall i do like the stock after a correction here. i'd give it another day or two before you have to jump in, though. >> all right. since you made the call, the high-flying stock is trading down near 15%. doc, what do you do with this one now? >> well, i'm a believer, judge, that a not a big leap but rather a leak higher for interest rates means that people are going to be shopping for homes, and one of the places they do it, of co
CNBC
Dec 4, 2013 3:00pm EST
up steam or at the end of the year for tax planning purposes. keep in mind, this is an 85% increase from the numbers we saw in october and the highest levels we have seen since may. definitely, a lot of selling happening. here is some big names we saw the most inside selling over the past three months. best buy, $200 million worth of shares sold by insiders over the past three months. amazon saw $400 million worth of shares, including jeff bezos selling a chunk, and google and microsoft, $830 million. some top dogs, eric schmidt, larry page,er is sergey brin. retail with coach, ceo lew frankfort, and biggest was richard kinder bought nearly $8 million worth of shares in september. the biggest buying we saw was in davida health care, the dialysis health care, warren buffett's berkshire hathaway added a huge chunk to their stake. they've been steadily adding over the last couple of months. maybe not a big surprise. traders said, some of this is seasonal, some is tax planning. when you've had stocks with such a big run, always interesting to note which stocks are seeing the biggest ins
CNBC
Dec 10, 2013 2:00pm EST
it's not tax season just yet but this company over the shorter term is up about 4% just in december alone. so as we approach tax season, that's one to watch. by the way they report earnings after today's closing bell. one stock you will want to watch hrb. what about one of the biggest companies in the world, we're talking about exxon mobil, yeah, it's been an underperformer relative to the overall market but hit an all-time high yesterday and it was the second best performing stock in the dow last week. over the course of the shorter term this stock has been up about 2% to 3% in the last couple weeks. when we talk about stocks it's not always about the momentum, guys. sometimes these big names can manifest themselves in great stock performance even over the shorter and longer term. >> thank you very much. talking about studs, dominic chu. >>> yesterday herb told us he was having a hard time, he was having a hard time picking his worst ceo of the year list. he reached out to you, dear viewer, asked you to help him and, i believe, you delivered. bring herb back in with an update. >> i
CNBC
Dec 6, 2013 9:00am EST
. >> are you going to push for a decline? sales to encome tax and then have a bank where you have a bank and put in $3 trillion, $4 trillion? you know can you do that if you push for it. >> i wouldn't doing repatriation holiday. i'd reform our tax code, bring the down, wut the loopholes whuch do that, you get some transition revenue. you can put that in a grand barg en kb. >> wool see youneck month. >> good morning, everybody. happy friday. what a rally we've got going here. whatever happened to fierce of tapering? we got cyclical groups, the telecomes, health care, defensive groups. we're up right across the board, folks. it's been a very strong rally right at the open but not strong inform a mr. one guy said it threads the needle perfectly. people putting together a list of what the skmik news looks like this week. here's a look for the bulls, gdp numbers very strong overall. auto sales, over 16 million, the highest in six years here. october home sales were the highest since june 2008. highest in manufacturing, highest in two and a half years and cyber sales were up 20% on monday
CNBC
Dec 2, 2013 9:00am EST
to take tax -- not wanting to have to pay a tax bill. really, again, "usa today" wall street looks like pamplona. you think this is an article which says bubble, bubble, bubble. instead it is about how broad the advance is. it's a very positive article how the advance is different from some of the advance that is have led to big falls. very smart piece. >> the dow's gained year to date three times the gain of last year. do you expect that trend to continue into 2014? in any way? >> i think it's very hard if we forget we will have another washington bruising. right? do you think anything's gotten better there? i mean, we don't mention the health care. everyone talks about the health care site. i saw oracle mentioned as a possible problem in the "the new york times" piece and a thing that dazzles me is how we forget. right now. that there's a republican party that hates the president. but in another month we'll talk about that ian good for 6%, 7%, 8% decline. >> without a doubt and facing the same issues we faced a couple of months ago. >> yeah. >> potentially. one hopes that will no
CNBC
Dec 6, 2013 1:00pm EST
off decisions about raising taxes or cutting medicare and social security. we also have a last-minute hangup over unemployment benefits, the extension of unemployment benefits. democrats want that, republicans say they're not that serious about it, it's not clear whether or not democrats are going to put their foot down and say no deal until then. what i think we know is that there will not be a deal today. house leadership aide told me he expects early next week a deal to be announced by patty murray, the democratic chair of the budget committee in the senate. paul ryan, the republican budget committee chair in the house. then the house and senate pass it before christmas. they leave next week actually for their christmas break. so they would end the year on a positive note. it would dramatically reduce the risk of a government shutdown in january and does not resolve our long-term budget issues. >> does it resolve the debt ceiling deadline which is some time in early february? would that be taken care of here? >> don't think it would be taken care of in this deal, but the fact that
CNBC
Dec 1, 2013 11:00pm EST
subsidized by the state, and there's a 30% federal tax break because it's a green technology. in other words, the price is cut in half. >> we have fedex. we have wal-mart. >> you have wal-mart? >> absolutely. >> staples? >> staples. >> so who was the first? >> google was the very first company. >> google was the first. >> yes. >> these four units have been powering a google data center for 18 months. they use natural gas, but half as much as would be required for a traditional power plant. k.r. told us that three weeks in at google, suddenly, one of the boxes just stopped. >> your heart just drops. >> did you panic? >> for a short while, yes. >> he fixed that. then there was another incident. >> the air filters clog up, and air is not coming into the system because the highway is kicking dirt. you just flip the system around, and the problem is gone. >> another company that's bought and is testing the bloom box so k.r. can work out the kinks is ebay. its boxes are on the lawn in the middle of its campus in san jose. >> these things fuel almost 15% of the power on this campus. >> john d
CNBC
Dec 6, 2013 4:00am EST
abe government unveiled the $54 billion stimulus package that's aimed at offsetting the sales tax in april. and the shanghai composite pulled further ahead. meanwhile, the hang seng index added 0.1%. elsewhere, south korea and australia both ended just a tad lower. as for individual stocks, chinese property stocks came under some pressure after the official china securities journal reported beijing may remove caps on property prices next year, replacing them with supply side indicators and concerns still linger over a potential property tax system. now for some outperformers, let's take a look at the region's apple suppliers, seeing a strong boost from hopes that china mobile may reach a deal with apple to offer iphones. some phone displaymakers, cameramakers and case suppliers rebounded some 5% in today's trade. back to you, karen. >> sixuan, thank you very much update. charles has been telling us about this u.s. cash flood that you're expecting. are you saying buy u.s. assets, buy u.s. equities in 20 s14? >> things probably weaken at the moment because a lot of guys made a lot of m
CNBC
Dec 9, 2013 9:00am EST
dealt with over the long-run. it wouldn't close any tax loopholes. those things have proven too partisan for these budget negotiators to tackle. yesterday, in the nfl, the kicker for the denver broncos made a 64-yard field goal. record for the nfl. this is more like a 6-yard field goal. they haven't kicked it yet. i do think they will before congress goes home. it is a minimum achievement for people to cheer about. >> john, it is interesting when you talk about some of the little sticking points here. one is the benefits for the long-term unemployed. that is making up a record percentage of the people in this country who are unemployed. do you get the sense that congress is looking at the jobs report and saying, hey, maybe we shouldn't move the needle on that right now? >> i think that is difficult in part, because when you look at the size of this deal, we are only talking about $90 billion over two years of lifting the sequester caps and replacing them. it is more of a reshuffle. the unemployment extension would cost $25 billion. that is a very large chunk of change to add on
CNBC
Dec 2, 2013 6:00am EST
. by the way, higher education, the for profit guys are the ones paying taxes, both property and income taxes, whereas the not for property guys are the ones receiving subsidies. as far as i'm concerned, money is money. the only difference in private and public money is ideological. you draw a line between the two. public money becomes purer -- >> but it's worth ten cents on the dollar. >> i don't disagree with you. >> you're one of the old democrats. you're looking around saying what am i. >> i don't -- by the way, it's sort of what we were talking about earlier with iran. i don't think it's a question of choosing one or the other. i think you need to have a healthy balance of both. but if you start off with a regulatory bias against the for profit sector. >> you do. >> i understand, i don't disagree. >> i'm appealing to you, stand up and be -- >> i'm sitting down -- >> i think bill clinton was a republican. are you sure he was a democrat? >> i have no idea. >> senator kerrey will be with us for the rest of the program. >> do you want to be called senator or governor? >> you can
CNBC
Dec 3, 2013 4:00am EST
protests. >>> there's a new tax by thailand's government to diffusion tensions in bangkok. allowing protesters inside, tear gas and rubber bullets have given away to calmer demonstrations. the protest leader says the fight will continue. meanwhile, consumer confidence has been hit dropping to a two-year low because of the unrest. the national transportation safety board says the new york commuter train that derails sunday was traveling at 82 miles per hour when it entered a curve where the speed limit was just 30 miles per hour. four people were killed and more than 60 injured. the ntsb says the train's brakes were working properly but were applied just seconds before the crash. >>> and pointing and clicking is becoming the preferred way to shop. adobe says u.s. cyber monday sales topped $2 billion for the first time, up 16% to 2.9 billion. adobe tracks visits to 2,000 websites. a record 18% came from mobile devices. other trackers report even higher numbers. ibm dish analytics, sales rose and amazon sales were up 44% as of 6:00 p.m. eastern and ebay's were up 32%. gloo global pc sh
CNBC
Dec 9, 2013 3:00pm EST
gdp and, you know, tax hikes and spending cuts last year. previous two years was local. this year less than half a percent. >> we make it smaller spending cuts. last is household wealth. increased again in the third quarter by almost $2 trillion. at the depths of the recession, it was neutral. now they're both going up double digit. that's going to add well over a percentage point to consumer spending. this is the time when growth should pick up. as you said this is also an important time for a couple of reasons because the hope is that cycle starts the broader, more sustainable, more widespread move that helps people get off jobless benefits as they run out. all of these extreme mers prosecute expiring so this has to be the year we see that pick up. food stamps and all of it. >> right. other things have been expiring before like the big fiscal stimulus package. a lot of that has come off already. it may not be great for investors. if you think about this past year, what happened? we didn't have a great recovery. we had lower than expected inflation inflation, and more monetary su
CNBC
Dec 4, 2013 2:00pm EST
for by some revenue and some entitlement cuts but the revenue would not be tax increases, thing like user fee, and entitlement cuts would not be medicare and social security avoiding those hot buttons like curbing federal retirement. the negotiators hope to announce this by the end of the week so congress can act next week. remember when the government was reopened they set a december 13th deadline and democrats and republicans are reasonably optimistic that they can do that next week, guys. >> good stuff there. john harwood, we'll keep a close eye on that. >> this might come as good news to our next guest. a survey out shows ceos are feeling more optimistic about the economy. will that mean more jobs? ask jon engler president of the business round table and former governor of michigan. governor, welcome back to "street signs" here. before we get to the ceo survey, i just got to ask you a question about detroit. your view on the ruling yesterday? >> well, i think it's been pretty foreshadowed by judge rhodes, he's an excellent judge and this is a landmark ruling really for the w
CNBC
Dec 5, 2013 12:00pm EST
really, really wanted to, they could repatriate some cash and pay taxes. that's probably not what's going to happen. >> no, they're not going to do that. >> the stock on its own merit will do fine. >> just focus on the product, and the margins are stabilizing, and those are more important, i think, in the near term. >> here's a question. how would you like a look at tomorrow's jobs numbers today? up next, we're talking to someone who get as very unique perspective from background checks. that and much more is just ahead. tdd#: 1-800-345-2550 trading inspires your life. tdd#: 1-800-345-2550 life inspires your trading. tdd#: 1-800-345-2550 where others see fads... tdd#: 1-800-345-2550 ...you see opportunities. tdd#: 1-800-345-2550 at schwab, we're here to help tdd#: 1-800-345-2550 turn inspiration into action. tdd#: 1-800-345-2550 we have intuitive platforms tdd#: 1-800-345-2550 to help you discover what's trending. tdd#: 1-800-345-2550 and seasoned market experts to help sharpen your instincts. tdd#: 1-800-345-2550 so you can take charge tdd#: 1-800-345-2550 of your trading. ♪ stac
CNBC
Dec 7, 2013 4:00am EST
, buy the stock slowly and into weakness. remember, december is a cruel month for losers and the tax law selling that i think are turning could be brutal here from now until year end and then it clears up. mdr is for me. stay with cramer. >>> coming up -- digital dollars. your cash is moving to the cloud and a new crop of companies are helping to transfer money around the world. but as more dollars are distributed online. cramer's got the play. >>> we're an interactive show here. on monday i got a call from cody in florida. wanted to know what is happening with the downward sled ride in xoom, the billion dollar company that's basically an online money transfer service. i said i wasn't sure. i've got to take a closer look. xoom came public back in february. shot up immediately 21.50 on the first day of trading, for a while, a pretty darn good year, ran up as high as $35. but in the last six weeks, xoom has been taken to the wood shed. it has fallen more than $8, 24%, hence cody's call. to understand what's going on here, you need some more mac ground on the industry that xoom plays in
CNBC
Dec 9, 2013 1:00pm EST
republicans on taxes, but they have shuffling things around to relieve the budget sequester which both parties want to see happen. >> where is the area of compromise greatest, jon, and what are the issues they are willing to compromise on? >> it's different for different people. republicans and some democrats including chuck hagel at the pentagon who don't like the level of defense spending the way it's squeezed by the budget sequester and it gets squeezed more in 2014 by the sequester proportionately than domestic programs do. that gives some impetus for republicans to go along. democrats are raising the caps by an equal amount on the domestic side of the budget. these are things, priorities the democrats have for social programs, republicans have for defense, which are getting relieved and stitching together solutions to fill in the gaps financially even at a little deficit reduction on top of that, things like raising the fees for airline companies pay for for airport security, that's on the revenue side and on the spending side, curbing federal retirement which some lawmakers
CNBC
Dec 10, 2013 1:00pm EST
taxes on past tickets don't matter. ual. >> mike murphy. >> petro pbr, run from 14 to 19 and pulled back here recently around the 14 level again. >> dr. j what do you see? >> facebook, unusual activity. they rolled up from the 45s to the 50s in january, watch this one, judge. >> watching that and you're watching "power" right now. >> "halftime" is over. "power lunch" and the second half of the trading day starts right now. >> gentlemen, thank you very much. crisis over, our call. steve liesman reporting the fed is likely to begin tapering next week. d.c. close to a budget deal, new regulations in place for wall street, and new dawn for the big banks. the government out of gm and europe is stabilizing. we're going to have playbook on how you should play it. what do these gentlemen think about it? a rare and exclusive interview with the co-ceo of the private equity giant carlyle group and exclusive with time warner's ceo. and what an incredible 24 hours. culminating in this a new ceo. this is just a day after the government sold off its remaining stake in the big automaker. it's annou
CNBC
Dec 10, 2013 9:00am EST
signs," wer big companies, not just in time for tax season, but one you'll want to put on your radar. back to you. >> all right. one stock to watch is clearly twitter. we're looking at the highest levels since the company went public. $52.59, off slightly from the level. but we'll talk more about why twitter is behaving so well in just a moment. the american dream is of a better future, a confident retirement. those dreams, there's just no way we're going to let them die. ♪ like they helped millions of others. by listening. planning. working one on one. that's what ameriprise financial does. that's what they can do with you. that's how ameriprise puts more within reach. ♪ thaso ally bank has a puts more that won't trap me in a rate. that's correct. cause i'm really nervous about getting trapped. why's that? uh, mark? go get help! i have my reasons. look, you don't have to feel trapped with our raise your rate cd. if our rate on this cd goes up, yours can too. oh that sounds nice. don't feel trapped with the ally raise your rate cd. ally bank. your money needs an ally. but with le
CNBC
Dec 6, 2013 7:00pm EST
pools. all right, so this is going to be budget neutral. not involved with tax payers. what they did not anticipate was that wasn't going on the an isolated problem, but an industry wide problem so then who comes in? the government. i'm sorry did i say if government? i mean the taxpayer. it's a bailout to make sure they don't leave the program after 2014. if they flee the program, the whole edifice begins to collapse. absolutely a bailout. >> as of monday, a good report from "the new york times" and others, as of monday, they're lowering the so-called individual threshold. it used to be $60,000 losses and then the government would help them out and now it's only $45,000. the enrollment is not going to favor the young people. this is a democratic thing. why are you democrats always in bed with the big corporations and this crony capitalism around the big trade you know on the labor? why can't you play it straight? >> and this is the same argument we're having over in the budget world where we don't want to close corporate tax loopholes? >> i want to close corporate tax loopholes. i wa
CNBC
Dec 4, 2013 7:00pm EST
rising tide lifts all boats. we don't need redistribution tax hikes, we don't need state run health care, more spending, lower the incentive barriers and bring us growth. here's another big problem for president obama, the millennials are abandoning him and obama care in droves. a new poll shows plunging support from young people. because the obama care website is in such bad shape, the government now has offered to bail out insurance company profit and losses, and in a possible second bailout, provide the insurers with guest estimates of health care subsidies. this whole story has gone haywire. all right? all of this and more coming up on "the kudlow report" beginning right now. >>> good evening, everyone. i'm larry kudlow. this is "the kudlow report." we're live here at 7:00 p.m. eastern, 4:00 pacific. president obama tries everything we can to get the attention away from the obama care, anything. today he went back to his old stand by, the rich. for more on the president's remarks about, quote, income inequality, end quote, let's bring in nbc's own steve handelsman. steve. >> rep
CNBC
Dec 10, 2013 4:00am EST
bull budget could greatly reduce fiscal uncertainty. >>> and nothing is certain but death and taxes, but what about funerals and bad loans? we'll have a series of loans ready to go on the stock exchange and whether investors will be dying to get a piece of the action. as we go to the break, we'll bring you more shots from soccer city stadium where they're holding the nelson mandela memorial service. >>> crowd of around 95,000 people are gathering at johannesburg stadium to pay respect to former south african president nelson mandela at the soaker stadium. including the u.s. president pb pb, president barack obama. chris has more details on today's event. chris. >> well, the rain is falling and the crowds are flooding in. 95,000. you have to recall that a lot of the streets have been closed off around the stadium so that the sig tears can come in and out. that means that a lot of people have to either camp overnight, which a lot of people have done, or walk to the stadium. certainly the ceremony is under way, the marching bands on the pitch walking around, some of the big names are t
CNBC
Dec 5, 2013 6:00am EST
is traveling. >> enough not to pay taxes? >> no, no, i do pay taxes here. and the rates in new york with sales tax and everything and income taxes, state income taxes are roughly the same rate. so the tax equalization. i don't pay double. it gets offset. >> i don't know what that says, now we're equal to -- >> it's about 50%, basically is the marginal rate. >> you think that's fine? >> well, the british government reduced it from 50% to 45% and i thought that was wrong at the beginning of the conservative coalition because they said they were doing it to try and increase entrepreneurial activity. i think the best way to do that is a capital gains tax, not income tax. so i think that was misplaced. and i think at a time when people were worried about inequality and equality, which was high on the political agenda, i think it was the wrong thing to do. >> it brings up a lot of issues about income equality. and we know the one thing that solved income equality is growth and jobs. growth and jobs. not entitlements, not redistribution, it's growth and jobs. and some of the efforts to do
CNBC
Dec 2, 2013 3:00pm EST
funding. not looking clear. unclear how it would be with taxes but not registered in the united states. >> thank you. we'll see you tomorrow. >> i'll see you tonight on "fast." "closing bell" is up next. >>> welcome to the "closing bell." i'm kelly evans at the new york stock exchange. >> i'm bill griffeth. we need an 11-point gain on the dow to hit an all-time high. >> we won't get it. >> i don't think so. >> we're 50 points away. >> anything's possible. >> the s&p 500 looks a little better. barely positive, if it closed higher it will be a couple points shy of an all-time high of its own. >> we have a lot of stories to get to this cyber money. have you bought something online today? fess up. >> there was a browser open to lord&taylor open when i got back. >> just happened to be. >> it wasn't me. someone upstairs was looking around. >> they were among the other 3100 people expected to buy something online today. we're tracking real time cyber monday numbers from ibm. we'll look at retail stocks that could be the biggest winners from this holiday season. >> that's right. amazon,
CNBC
Dec 9, 2013 4:00am EST
process to meet a boost ahead of the sales tax hike next april. however, other figures out today weren't encouraging either. japan's current cut showed a surprise $1.2 billion deficit for the month of october. they were up 18% on strong car sales in china and north america. a sharp increase on fuel imports wiped it out. >> thank you. have a good evening. >>> reminder on what's on the agenda in asia, the constitution day holiday. china's november data continues to trickle through with industrial output and fixed asset investment figures. plus, november sales for the big tech firms are also due out. >>> and you heard makika talking about the numbers. ami, thank you for joining us. do you dismiss this downward revision of gdp on the basis that it was a rise in inventories or slower rise in inventories? >> yeah. it seems the hard thing to do was that. there's also some talks about corporate capex not being as vibrant as some people were hoping for. if you look at the bigger picture, the yen's been weakening over the last year. seeing the impact of the yen in the next two quarters. we
CNBC
Dec 2, 2013 1:00pm EST
for a time has felt like he's making progress. >> it tax like two minutes to get the results. this is what ear eligible for, would you like to enroll, and choosing a pair, some plans and premiums. it works very well now. so it's exciting that people can come in and in like, half an hour, find insurance. it's rewarting. >> a sort familiar with the situation says in fact over the last month about 100,000 people have been able to select plans on the troubled healthcare.gov, as they've made improvements. add that to the 231,000 confirmed enrollments from the states. that brings you to about 333,000. the big question now, though, is just what's happening on the back end, and sue, i can tell you insurers are still concerned they are not getting the right information when they get those transmittals over to them b. >> understandably so, bertha. thank you very much. we turn to that del re derailment. mary thompson is live on the scene in bronx, new york, with the continuing investigation. mary, over to you. >> reporter: what a difference a day makes. when we came in this morning -- we're abou
CNBC
Dec 9, 2013 5:00pm EST
the tax increase comes in, it is going to fail. i'm with you. i'm long nikkei. >> at the same time, the monetary authority is going to have to do whatever they can to overcome that failure. >> number two. >> number two you want to own gold in yen terms. it's been a terrible trade. i just went to north carolina state. we're not an ivy league school but i know that 7% loss is a lot better. >> every time you say buy something in other terms how do you do that? >> it's very easy. you can buy gld, buy $100,000 of gld and sell $100,000 of the etf for the yen. it's not as difficult as it sounds. and i bet that somebody comes up with an etf to do exactly that. >> where do you expect the yen to be? >> 125 to 140. >> so for your trade, then, are you also short yen? >>s yes. it is the same trade. you have got the same trade on twice. you have got understand that. if you have gone short of the yen you have gone long on the nikkei. >> number one later on the n the show. >> see you later dennis. pops and drops. big movers of the day. big pop for soda stream. >> yes, after opening the morning dow
CNBC
Dec 5, 2013 9:00am EST
whole story. >> you have to revalue and your tax rates, they're paying a very low tax rate. >> i know. i covered that as a reporter for the l.a. examiner when i wasn't covering homicide. and i said, boy, the rich people get richer and richer. at that point, i was very involved in the unions. it was an early precursors to what happened. i led a wildcat strike once in my life. >> did you really? >> yes. i did. we got completely annihilated. >> you've done so many things. >> i was one of these protesters. you have to boycott jp stevens? i was wearing jp stevens clothes. everything i did was -- >> one man at a time. >> it was such a disaster. every time i got involved with unions, it was bad. you didn't want me in your union. >> let's get to pisani and see what's moving dow down 25. >> modest declines, moving 279% on that better than expected gdp report. electronic stocks, housing stocks getting hit more than the rest of the markets. gold getting crushed again today. mentioned the gold miners, five-year lows that we've seen recently. i want to take up your question this morning, jim.
CNBC
Dec 3, 2013 3:00pm EST
end, a lot of muni funds will be pressured more, tax law selling -- >> lots. >> you'll do okay buying these funds at a discount. >> we won't necessarily see that pressure from the broader market, certainly. people maybe the last couple of years, any harvest, time is running out. >> there's still lots of things to harvest this year. lots of munis you can swap out of. munis are out. those are good places to swap into a different fund if you need to. take the loss, put it in your pocket if you don't need it and carry it forward. tax law accounting is huge in investing. >> we've been out of the muni market for the past 14 to 15 months when munis started getting back over 5% we've been a buyer. we've been aggressively buying municipal bonds. >> rob morgan any opinion on that before we go, quickly? >> absolutely. i think having a portfolio for individual investor tilted more toward short end and rising rate environment makes sense. i think detroit bankruptcy spells trouble more for retirees on pension plans more for than muni bond investors. >> a lot going on there as well in detroit
CNBC
Dec 4, 2013 4:00am EST
taxes for the middle classes. how much room, wiggle room is there going to be for the government, peter? much depends on what you think the economy is going to do this year and next ahead of the election. >> yeah. i think the likelihood is that the economy will continue to grow at a 2% to 2.5% late next year. that's decent, but it's not stellar. given all they have said about reducing the deficit over the next few years, it leaves room for cutting taxes. i think what the uk needs is a rebalancing towards investment and exports. the government realizes this and i think as a consequence it's unlikely to do things to throw additional fuel on the fire of consumption. >> do you think the government is doing enough? are you expecting any measures, say, on planning tomorrow from the troika? would that have helped? we had construction pmis this week very strong, rising like a phoenix out of the ashes. but many suppliers saying the supply side of that market is still very, very underperforming. >> yeah. i mean, when it comes to the supply side of the uk housing market, it really is down t
CNBC
Dec 5, 2013 3:00pm EST
. dynamic versus status growing. different outcomes and tax policies. >> it seems, though, we've hit a wall here when it comes to fiscal policy in this country. one side says we're spending way too much. and they seem to have a point. the other side says, we need a better, more simplified tax policy. and they have a good point as well. what can you guys bring to the table that will help clarify things to end some of the gridlock that exists so badly in washington right now? >> this is a good question. the first thing you need to make a good decision is good analytics and good commentary. information to make a good decision. we hope to be able to bring really good information that's nonpartisan, reliable and authoritative to the process. that's point one. the other thing i would say is that from my perspective today, in terms of where we are with fiscal policy, both our long-term policy, which is undisciplined and has excessive spending going out forever, and our short-term policy which is tightening, are both wrong. in fact, what you want to do is precisely opposite. have a little stim
CNBC
Dec 6, 2013 3:00pm EST
in audit and tax space as well. >> wow. obviously, this is going to continue to be a source of growth. the complexity today for any company. they almost have to have someone who's a specialist to deal with these kind of operations. i wonder, for the people you're hiring, we hear sometimes about this bifurcation of the labor market. do you find there's a surplus of workers? >> i hear for years we'll have trouble finding people and for years we're still hiring people. i think people have learned that noting and consulting are good professions. they go to school, even in the job reports it's amazing the differential in employment if you have a college degree versus not a college degree. so, they know there's jobs available right now in those industries. we're -- we seem to -- we seem to be doing very well hiring. the other key is developing them. >> so from your perspective, based on what you're seeing with your clients, how do you assess the economy and the jobs market right now? >> first, most ceos -- cfos are hesitant. their confidence waned in the third quarter but i think tha
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